MUSELES STEVEN A 4

What Happened
Steven A. Museles, Chief Legal Officer and Corporate Secretary of JBG SMITH Properties (JBGS), reported the conversion of limited partnership LTIP units and related OP units into common shares. The filing shows a net issuance of 20,010 common shares on February 17, 2026. No cash sale or monetization of the securities was reported and no price per share was stated (N/A).

Key Details

• Transaction date: 2026-02-17; Form 4 filed 2026-02-18 (timely filing).
• Reported shares acquired: 20,010 common shares (price: N/A).
• Shares owned after transaction: not specified in the provided filing details.
• Notable footnotes (summary):
  • F1: Transactions represent conversion of LTIP Units into OP Units and exchange of OP Units for common shares; no sale occurred.
  • F2: Each OP Unit is redeemable, once vested, for one common share or cash at the issuer’s option.
  • F3–F4: LTIP Units convert to OP Units upon vesting; reporting person holds corresponding non-economic Class B shares.
  • F5: Corresponding Class B shares were automatically cancelled upon conversion for no consideration.

Context
This was a conversion/exchange of incentive partnership units into public common shares (an LTIP/OP unit conversion and OP Unit-for-share exchange), not an open-market purchase or sale. Such filings commonly reflect vesting or conversion of long-term incentive awards rather than a trade that signals immediate buying or selling intent.